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Cenovus reaches agreement to sell Palliser assets for $1.3 billion19.10.2017 | 12:00 Uhr | GlobeNewswire
CALGARY, Alberta, Oct. 19, 2017 (GLOBE NEWSWIRE) -- Cenovus Energy Inc. (TSX:CVE) (NYSE:CVE) has entered into an agreement to sell its Palliser crude oil and natural gas assets in southeastern Alberta to Torxen Energy and Schlumberger for cash proceeds of $1.3 billion. The sale is expected to close in the fourth quarter of this year, subject to customary closing conditions. As with other recently announced divestiture agreements, proceeds from the Palliser sale will be used to deleverage the company’s balance sheet. Net proceeds from the sale of Cenovus’s Pelican Lake assets, which closed on September 29, 2017, have been used to retire the first tranche of the company’s $3.6 billion asset-sale bridge facility and to pay down a portion of the second tranche. Net proceeds from the Palliser sale and the recently announced Suffield asset sale, which is also expected to close in the fourth quarter of 2017, will be applied against the outstanding balance of the bridge facility. “Our strategy to optimize our portfolio by selling non-core assets and using the proceeds to pay down debt is firmly on track,” said Brian Ferguson, President & Chief Executive Officer. “We continue to target between $4 billion and $5 billion in announced asset sale agreements by the end of the year, and we remain committed to returning to our long-term debt ratio target.” Cenovus is focused on using cash flow from its operations and asset sale proceeds to achieve its target of being below two times net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). The sale process for Cenovus’s Weyburn carbon-dioxide enhanced oil recovery operation in Saskatchewan is proceeding as expected. Cenovus anticipates reaching a sale agreement for the Weyburn asset in the fourth quarter of 2017. In addition, Cenovus has certain other non-core assets that are currently being evaluated for potential sale. Credit Suisse and Scotiabank acted as financial advisors to Cenovus for the Palliser transaction.
1 All dollar amounts are in Canadian currency unless otherwise specified. ADVISORY Oil and Gas Information Non-GAAP Measures and Additional Subtotal Net debt to adjusted EBITDA is a ratio that management uses to steward the company’s overall debt position as a measure of the company’s overall financial strength. Net debt is defined as debt net of cash and cash equivalents. Debt is defined as short-term borrowings and long-term debt, including the current portion. Adjusted EBITDA is defined as earnings before finance costs, interest income, income tax expense, depreciation, depletion and amortization, goodwill and asset impairments, unrealized gains or losses on risk management, foreign exchange gains or losses, gains or losses on divestiture of assets and other income and loss, calculated on a trailing 12-month basis. Operating Margin is an additional subtotal found in Note 1 and Note 8 of the Interim Consolidated Financial Statements (unaudited) for the period ended June 30, 2017 and is used to provide a consistent measure of the cash generating performance of Cenovus’s assets for comparability of its underlying financial performance between periods. Operating Margin is defined as revenues less purchased product, transportation and blending, operating expenses, production and mineral taxes plus realized gains less realized losses on risk management activities. Forward-Looking Information Forward-looking information in this news release is identified by words such as “anticipate”, “expect”, “target”, “focus”, “committed to”, “on track”, “will” or similar expressions and includes suggestions of future outcomes, including statements about: expected timeline for closing of the transaction; expected impacts of the transaction to Cenovus; expected use of proceeds from the transaction; Cenovus's target net debt to adjusted EBITDA; Cenovus’s belief that it is on track with its strategy for portfolio optimization and use of proceeds to pay down debt; and expected timing of the Weyburn asset sale process. Readers are cautioned not to place undue reliance on forward-looking information as our actual results may differ materially from those expressed or implied. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward-looking information is based include: assumptions disclosed in Cenovus's current guidance, available at cenovus.com; satisfaction of all conditions to the closing of the asset sale transaction, including obtaining necessary regulatory and partner approvals; successful closing of the asset sale transaction; Cenovus’s successful completion of further asset sales, including in a timely manner; application of asset sale proceeds against outstanding debt in the manner as intended; and other risks and uncertainties described from time to time in the filings Cenovus makes with securities regulatory authorities. The risk factors and uncertainties that could cause Cenovus's actual results to differ materially include: risks inherent to closing of the asset sale transaction, including obtaining necessary regulatory or other third-party approvals and satisfying other closing conditions in connection therewith; as well as the other risk factors and uncertainties identified in Cenovus's Second Quarter Report for the period ended June 30, 2017 (available on SEDAR at sedar.com, on EDGAR at sec.gov and Cenovus's website at cenovus.com), which remain accurate as of the date of this release. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause our actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking information. For a full discussion of Cenovus's material risk factors, see “Risk Factors” in our Annual Information Form (AIF) or Form 40-F for the period ended December 31, 2016 and the updates under "Risk Management" in Cenovus’s Management’s Discussion and Analysis (MD&A) for the period ended June 30, 2017. Cenovus Energy Inc. Find Cenovus on Facebook, Twitter, LinkedIn, YouTube and Instagram.
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